Dutch paint producer Akzo Nobel NV will sell its specialty chemicals business to U.S. private equity firm The Carlyle Group and Singapore's sovereign wealth fund GIC Pvt. Ltd. for an enterprise value of €10.1 billion.

Akzo Nobel expects to receive a cash payment of €8.9 billion, with net proceeds estimated at about €7.5 billion.

The deal is in line with the Dutch company's strategy announced in April 2017.

The transaction is projected to be completed before the end of 2018, subject to customary closing conditions.